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WSJ: Suntech plans Chapter 15 U.S. bankruptcy filing

  • Onetime solar power giant Suntech (STPFQ) plans to file for bankruptcy protection in U.S. court as its leaders negotiate with the holders of ~$540M in convertible bonds, WSJ reports.
  • Suntech plans to file for protection under Chapter 15; if recognized by a U.S. judge, the Chinese solar panel maker will receive the benefits of U.S. bankruptcy law, including a halt to lawsuits and the prevention of creditors from seizing assets.
  • It remains unclear how much money from the reorganized company would eventually flow to the convertible bonds the company defaulted on in March.
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